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Technical Analysis – USDCAD ticks up after downfall from descending line

Posted on October 2, 2020 at 7:40 am GMT

USDCAD is pointing slightly up after the strong downfall from the upper surface of the Ichimoku cloud and the falling trend line around 1.3420. The 20- and 40-day simple moving averages (SMAs) created a bullish crossover near the 1.3250 barrier suggesting an upside pullback in the short-term. The MACD oscillator is flattening in the positive territory, while the RSI is ticking up near 50. The negative bias in the medium-term is still in place and if there is a successful [..]

Technical Analysis – EURUSD’s climb hits a snag; 100-day SMA caps advances

Posted on October 1, 2020 at 9:51 am GMT

EURUSD is finding difficulty in breaking above the Ichimoku cloud’s ceiling that is joined by the 100-period simple moving average (SMA) around 1.1769. Recently restored positive sentiment from the 1.1611 level appears to be aided by the rising 20-period SMA and the positive tone of the Ichimoku lines. However, the short-term oscillators reflect mixed signals in direction. The MACD, in the positive area, is slightly above its red trigger line while the stochastic oscillator holds a positive bearing. Meanwhile, the [..]

Technical Analysis – AUDUSD rekindles positive sentiment; confronts heavy upside obstacle

Posted on October 1, 2020 at 6:52 am GMT

AUDUSD is encountering tough resistance at the 0.7192 mark after bouncing off the lower band of the cloud that merged with the 100-day simple moving average (SMA), around 0.7005. This fortified barrier coincides with the ceiling of the cloud and is encapsulated by the flattened Ichimoku lines. Nonetheless, the governing tone of the 50-and 100-day SMAs continues to aid the bullish structure. The short-term oscillators also reflect the pickup in positive momentum. The climbing RSI has reached its neutral threshold, [..]

US election: The good, the bad, and the ugly for markets – Special Report

Posted on September 30, 2020 at 2:12 pm GMT

With almost one month to go until the presidential election, investors are increasingly focused on how the outcome will impact financial markets. The short answer is that there is no automatic rule for how the dollar and equity markets will react to a Trump or Biden win – it all depends on whether the victor will also have full control of Congress or not. This piece will examine how markets might respond to a Democratic sweep, a Republican one, a [..]

NFP jobs report: The last release before the US election – Forex News Preview

Posted on September 30, 2020 at 1:21 pm GMT

The US will welcome the final quarter of 2020 with the release of the famous Nonfarm payrolls report as markets get into election mode. The consensus is that the US labor market continued to head towards pre-Covid levels in early September, with the unemployment rate further easing and new job positions rising at a softer pace. While this could be considered normal, the numbers arrive at a crucial time and will be the last update before the US election, exposing the [..]

Technical Analysis – USDTRY holds near record high; indicators are overbought

Posted on September 30, 2020 at 1:07 pm GMT

USDTRY surged to a fresh record high on Monday once again, hitting the 7.8605 barrier. The price has been in an ascending movement since December 2018; however, the technical indicators are suggesting an overbought market. The RSI is touching the 70 level, while the MACD is extending its structure above its trigger line. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 261.8% Fibonacci extension level of the down leg from 7.6619 to [..]

Daily Market Comment – US presidential debate rattles equity markets

Posted on September 30, 2020 at 9:13 am GMT

Stocks edge lower after debate as Trump keeps door open to contest result Otherwise, not much to move the needle in this race Focus now turns back to stimulus talks that will resume today Euro advances, but can it keep going if euro area stays in deflation? Presidential debate leaves markets wanting Uncertainty about the election outcome seems to have intensified after the first debate between Donald Trump and Joe Biden, which yielded no clear winner as both men landed [..]

Technical Analysis – GBPJPY pauses near 23.6% Fibo; lacks direction

Posted on September 30, 2020 at 8:05 am GMT

GBPJPY has paused the downside movement at the 23.6% Fibonacci retracement level of the down leg from 142.70 to 133.00 at 135.32 in the very short-term. The MACD oscillator dipped below its trigger line in the positive zone, while the RSI is slipping above the 50 level. However, the 20- and 40-period simple moving averages (SMAs) completed a bullish crossover, acting as strong support for the bulls. A rebound on the 23.6% Fibo of 135.32 could take the price until [..]

Technical Analysis – NZDUSD pauses decline after double top; bearish threats still in play

Posted on September 30, 2020 at 6:55 am GMT

NZDUSD got trapped within the 0.6500-0.6600 zone after breaking below a supportive trendline and confirming a double top formation around 0.6796. It is worth noting that the 200 simple moving average (SMA) is also placed around these two peaks in the weekly chart. Although the rebound in the Stochastics favours bullish actions in the short-term, the RSI, having posted a series of lower highs, is still below its 50 neutral mark. Adding to the bearish signals is the MACD which has been trending downwards [..]

Technical Analysis – USDJPY finds wall below 106.00; still bearish bias

Posted on September 30, 2020 at 6:39 am GMT

USDJPY has been in a negative direction over the last six months, however, the rebound at the six-month low of 104.00 drove the pair higher, finding strong resistance at the 40-day simple moving average (SMA) and the 105.80 resistance. The latter level is the 23.6% Fibonacci retracement level of the down leg from 111.70 to 104.00. The momentum indicators are hinting at neutral movement as the MACD is gaining some ground above its trigger line but near its zero level [..]

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